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Accounting Made Simple for Sole Traders and Partnerships

Whether you are are sole trader or in a business partnership, we have the perfect accounting services for you.

We understand that the thought of having to submit a tax return can be very daunting to a sole trader or partnership. Leave the time consuming form filling and paperwork in our capable hands and get on with running your business.

Our service is completely customisable, but we can complete tax returns, calculate any tax liability and advise you on exactly when to make payments and how much to pay, making sure you avoid any penalties for late filing or errors. You choose the level of service you would like us to provide for you.

If you are looking into setting up a business partnership with another individual, we can offer help and guidance through the whole process to ensure you each understand the process, liabilities and any paperwork that will need completing annually.

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Common Mistakes Sole Traders and Partnerships Make

Missing Tax Deadlines

Late filings can lead to penalties and unnecessary stress.

Not Keeping Proper Records

Poor bookkeeping makes tax returns and financial planning harder.

Mixing Personal and Business Finances

Separate accounts help track expenses and avoid tax issues.

Underestimating Tax Bills

Failing to plan for tax payments can cause cash flow problems.

Ignoring Business Growth Planning

Lack of financial strategy can limit long-term success.

Not Understanding Partnership Agreements

Clear terms prevent disputes and financial complications.

Failing to Claim Allowable Expenses

Overlooking tax-deductible costs means paying more tax than necessary.


How We Help Sole Traders and Partnerships

Tax Returns

Prepare and submit your self-assessment tax return accurately and on time.

Tax Liability Calculations

Work out how much tax you owe and when to pay it.

Late Filing and Penalty Prevention

Ensure all filings are done correctly to avoid fines.

Business Setup Guidance

Support for those setting up as a sole trader or partnership.

Ongoing Tax Advice

Help you understand deductions, allowances, and tax-saving opportunities.

Bookkeeping Support

Keep financial records organised and compliant.

VAT Registration and Returns

Assist with VAT setup and ongoing reporting if needed.

Partnership Agreements

Provide guidance on structuring partnerships and profit sharing.

Digital Accounting Software

Set up and manage cloud-based accounting solutions.

General Business Advice

Offer insights to help your business grow and stay financially healthy.

The Key Benefits of Keeping Your Accounts in Order

  • Avoid Tax Penalties: Accurate records and timely filings help you stay compliant.
  • Manage Cash Flow Better: Clear financial tracking ensures you have enough funds for expenses and taxes.
  • Save Time and Reduce Stress: Focus on running your business while an expert handles the numbers.
  • Maximise Tax Savings: Claim all allowable expenses and take advantage of tax reliefs.
  • Plan for Growth: Understand your profits and costs to make informed business decisions.
  • Protect Business Relationships: Clear financial agreements prevent disputes in partnerships.
  • Stay Organised for the Future: Proper accounting helps with long-term stability and success.
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calculate the numbers according to the report sent

How to Get Started

  • Get in Touch: Contact us to discuss your business and accounting needs.
  • Choose Your Service Level: We offer flexible support based on what works best for you.
  • Provide Your Financial Details: Share relevant records, and we’ll handle the rest.
  • Stay Informed: We keep you updated on tax deadlines and financial insights.
  • Focus on Your Business: Let us take care of the numbers while you do what you do best

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Frequently Asked Questions

Q: What is classified as a sole trader?
A: If you’re self-employed and run your own business – you can be classified as a sole trader. It also means you get to keep all your business’s profits after you’ve paid tax on them – but you’re also responsible for any losses your business makes.

Q: Is a sole trader still a business?
A: Yes – a sole trader is still considered as a business. When you own and operate a business as a sole trader, you and your business are considered as a single entity.

Q: What is a partnership and how do they pay tax?
A: A partnership is a collection of sole traders. There is usually a partnership agreement in place which dictates how much profit each partner is entitled to. The partnership itself does not pay tax. The profit share is fed in to the individual’s self assessment, and the individual will pay tax on their total income.

Get Expert Accounting Support Today

Running a business as a sole trader or partnership comes with many responsibilities. Let us take care of your tax returns, bookkeeping, and financial planning to ensure everything is accurate and compliant.

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